Legal Dictionary of Pakistan
Quick lookup for English, Urdu, and Latin legal terms used in Pakistani jurisprudence.
Arrangement with creditors
bankruptcy. A debtor's agreement with creditors for the settlement, satisfaction, or extension of time for payment of debts. See bankruptcy plan.
Assignment for the benefit of creditors
assignment of a debtor's property to another person in trust so as to consolidate and liquidate the debtor's assets for payment to creditors, any surplus being returned to the debtor this procedure serves as a state-law substitute for federal bankruptcy proceedings. The debtor is not discharged from unpaid debts by this procedure since creditors do not agree to any discharge.
Attaching creditor
see creditor.
Creditor
1. One to whom a debt is owed; one who gives credit for money or goods. - Also termed debtee. 2. A person or entity with a definite claim against another, esp. a claim that is capable of adjustment and liquidation. 3. Bankruptcy. A person or entity having a claim against the debtor predating the order for relief concerning the debtor. 4. Roman law. One to whom any obligation is owed, whether contractual or otherwise. Cf. DEBTOR.
Creditorum appellatione non hi tantum accipiuntur qui pecuniam crediderunt, sed omnes quibus ex qualibet causa debetur
Under the name of creditors are included not only those who have lent money, but also all to whom a debt is owed from any cause.
Debitorum pactionibus creditorum petitio nec tolli nee minui potest
The creditors' suit can be neither quashed nor diminished by the contracts of their debtors.
attaching creditor
A creditor who has caused an attachment to be issued and levied on the debtor's property.
bona fide judgment creditor
One who recovers a judgment without engaging in fraud or collusion.
bona fide judgment creditor.
See JUDGMENT CREDITOR.
bond creditor
A creditor whose debt is secured by a bond.
certificate creditor
A creditor of a municipal corporation who receives a certificate of indebtedness rather than payment because the municipality cannot pay the debt. Cf. warrant creditor.
conditional creditor
See CREDITOR.
creditor at large
See CREDITOR.
creditor beneficiary
See BENEFICIARY
creditor's bill
An equitable suit in which a judgment creditor seeks to reach property that cannot be reached by the process available to enforce a judgment. - Also termed creditor's suit.
creditor's claim
Bankruptcy. A claim that a creditor has against a debtor.
creditor's suit
See CREDITOR'S BIl
creditors' committee
Bankruptcy. A committee comprising representatives of the creditors in a Chapter 11 proceeding, formed to negotiate the debtor's plan of reorganization. 0 Generally, a committee has no fewer than 3 and no more than 11 members and serves as an advisory body. 11 USCA § 1102.
creditors' composition
See COMPOSITION
creditors' meeting
Bankruptcy. The first meeting of a debtor's creditors and equity security holders, presided over by the U.S. Trustee and at which a bankruptcy trustee may be elected and the debtor may be examined under oath. 11 USCA § 341. - Also termed meeting of creditors; 341 meeting.
domestic creditor
A creditor who resides in the same state or country as the debtor or the debtor's property.
double creditor
See CREDITOR.
execution creditor
A judgment creditor who has caused an execution to issue on the judgment.
foreign creditor
A creditor who resides in a different state or country from that of the debtor or the debtor's property.
fraud on creditors.
See FRAUDULENT CONVEYANCE (1).
gap creditor
Bankruptcy. A creditor who extends credit to, lends money to, or has a claim arise against the debtor in the period between the filing of an involuntary bankruptcy petition and the entry of the order for relief. 0 Under the Bankruptcy Code, a gap creditor's claim receives second priority, immediately below administrative claims. 11 USCA §§ 502(f), 507(a)(2).
general creditor
See unsecured creditor.
hypothecarii creditors
n. [Latin] Roman law. Hypothecary creditors; those who lent money on the security of a hypotheca.
hypothetical creditor
Bankruptcy. An actual or code-created judicial-lien creditor or bona fide purchaser who establishes a bankruptcy trustee's status under the Bankruptcy Code's priority scheme, claiming property through the debtor at the time of the bankruptcy filing. 11 USCA § 544. - Also termed hypothetical lien creditor.
hypothetical lien creditor.
See hypothetical creditor under CREDITOR.
in fraudem creditorum
adu. [Latin] In fraud of creditors.
joint creditor
See CREDITOR.
judgment creditor
See JUDGMENT CREDITOR.
junior creditor
A creditor whose claim accrued after that of another creditor; a creditor who holds a debt that is subordinate to another's.
known creditor
See CREDITOR.
lien creditor
A creditor whose claim is secured by a lien on the debtor's property. UCC § 9-301(3).
list of creditors
A schedule giving the names and addresses of creditors, along with amounts owed them. ( This list is required in a bankruptcy proceeding.
meeting of creditors
See creditors' meeting under MEETING.
notice to creditors
Bankruptcy. A formal notice to creditors that a creditors' meeting will be held, that proofs of claim must be filed, or that an order for relief has been granted.
preferred creditor
A creditor with a superior right to payment, such as a holder of a perfected security interest as compared to a holder of an unsecured claim. UCC § 9-301(1).
principal creditor
See CREDITOR.
prior creditor
A creditor who is given priority in payment from the debtor's assets.
secondary creditor
See CREDITOR.
secured creditor
See CREDITOR.
single creditor
In the marshaling of assets, a creditor with a lien on one fund. Cf. double creditor.
subsequent creditor
A creditor whose claim comes into existence after a given fact or transaction, such as the recording of a deed or the execution of a voluntary conveyance.
transfer in fraud of creditors
A conveyance of property made in an attempt to prevent the transferor's creditors from making a claim to it.
unsecured creditor
A creditor who, upon giving credit, takes no rights against specific property of the debtor. - Also termed general creditor.
warrant creditor
A creditor of a municipal corporation who is given a municipal warrant for the amount of the claim because the municipality lacks the funds to pay the debt. Cf. certificate creditor.